By Liz O'Dowd on April 1, 2013 
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If you use a safety deposit box for safekeeping of your investments, you can claim the cost as a “carrying charge” on line 221 of your tax return, if the cost has been incurred in order to earn income from… {Read more}
By Liz O'Dowd on April 1, 2013 Leave a comment
Non-eligible, or ordinary, dividends are any dividends issued by a Canadian corporation, public or private, which are not eligible for the enhanced dividend tax credit. The non-eligible dividend tax credit rate is used for dividends received from Canadian-controlled private corporations… {Read more}
By Liz O'Dowd on March 26, 2013 Leave a comment
The 2011 Budget introduced a Family Caregiver Tax Credit, beginning in 2012. The legislation is included in Bill C-13, which received Royal Assent (became law) on December 15, 2011. Yukon is also providing the Family Caregiver Tax Credit. This is… {Read more}
By Liz O'Dowd on March 25, 2013 Leave a comment
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and… {Read more}
By Liz O'Dowd on March 22, 2013 Leave a comment
You may have an investment in some shares or debt which has become worthless, but you can’t sell them because the security is no longer listed on a stock market. There is a section of the Income Tax Act that… {Read more}
By Liz O'Dowd on March 22, 2013 Leave a comment
Did you know? The new family caregiver credit (FCA) helps Canadians with the costs of caring for a dependent with a mental or physical impairment. Important facts Introduced in the 2011 federal budget, the FCA is a 15% non-refundable tax… {Read more}
By Liz O'Dowd on March 20, 2013 Leave a comment
Did you know? The Canada Revenue Agency (CRA) is here to help you during tax season. Here is a list of tips you should know about your taxes, including many ways to help you save money at tax time. For… {Read more}
By Liz O'Dowd on March 20, 2013 Leave a comment
You may have to pay tax by installments if you earn income for more than one year from which no tax was withheld. You may also have to pay tax by installments if not enough tax was withheld. This can… {Read more}
By Liz O'Dowd on March 20, 2013 Leave a comment
Up to 75% of a taxpayer’s net income can be claimed as donations, except in the year of death or the year preceding death, when 100% of net income can be claimed as donations. The donations limit can also be increased… {Read more}
By Liz O'Dowd on March 20, 2013 Leave a comment
Did you know? Filing your tax return and paying what you owe on time helps you avoid possible interest and penalty charges, and ensures that your benefits won’t be delayed. Filing online is the fastest and easiest way to send… {Read more}